Long-Time Occupant Exemption (LTOE) enables taxpayers to receive an expanded homeowner's exemption with no maximum exemption amount (source: Assesor's website).
Requirements for the Long-Time Occupant Exemption state that taxpayers must have:
- Owned and occupied their residence for more than ten years
- A total household income of $100,000 or less and
- An assessment increase for their property that was significant enough to exceed the maximum amounts set by the state legislature.
source: www.cookcountyassesor.com
Forms and General Information are provided with the links below:
- Application/Eligibility Information and Instructions
- Application Forms
WARNING: Although the tax savings derived from the LTOE can be significant, if your assessment or market value is reduced even by less than 2%, then some or all of the savings from the LTOE may be removed.
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